Record and post the closing entries. Indicate closed accounts in the ledger by inserting a line in both of the Balance columns opposite each closing entry.

Sam started Samuel Technology Service in February, 2015. The following transactions occurred in March, 2015:

Mar 1 Received cash from customers on account, $ 3,500.

2 Paid cash for advertising on a local website, $ 600.

3 Received cash from customers as an advance payment for technical support services to be provided in the future, $ 5,000.

6 Paid technician $ 1,500 in salary, including the amount owed at the end of February.

8 Paid $ 800 on account.

12 Billed customers for services provided on account, $ 12,200.

16 Received $ 7,750 cash for fees earned for jobs completed.

17 Paid technician $ 1,500 in salary.

18 Purchased supplies on account, $ 800.

20 Received $ 16,400 cash for fees earned for jobs completed.

21 Billed customers for services provided on account, $ 6,400.

23 Received cash from customers on account, $ 19,000.

26 Paid phone bill for the month, $ 240.

28 Paid electricity bill for the month, $ 580.

30 Billed customers for services provided on account, $ 7,800.

31 Received cash from customers on account, $ 10,200.

31 Sam withdrew $16,000 for personal use.

SAMUEL TECHNOLOGY SERVICE CHART OF ACCOUNTS

11 Cash

12 Accounts Receivable

14 Supplies

15 Prepaid Rent

16 Prepaid Insurance

18 Office Equipment

19 Accumulated Depreciation

21 Accounts Payable

22 Salaries Payable

23 Unearned Fees

31 Sam Olin, Capital

32 Sam Olin, Drawing

41 Fees Earned

51 Salary Expense

52 Rent Expense

53 Supplies Expense

54 Depreciation Expense

55 Insurance Expense

59 Miscellaneous Expense